Terms Used In Montana Code > Title 15 > Chapter 6 > Part 3 - Property Tax Assistance

• Annual verification: means the use of a process to:

  (a)verify an applicant's income;

  (b)approve, renew, or deny benefits for the current year based upon the applicant's eligibility; and

  (c)terminate participation based upon death or loss of status as a qualified veteran or veteran's spouse. See Montana Code 15-6-301

• Contract: A legal written agreement that becomes binding when signed.
• Deed: The legal instrument used to transfer title in real property from one person to another.
• PCE: means the implicit price deflator (price index) for personal consumption expenditures as published in the national income and product accounts by the bureau of economic analysis of the U. See Montana Code 15-6-301
• Person: includes a corporation or other entity as well as a natural person. See Montana Code 1-1-201
• Process: means a writ or summons issued in the course of judicial proceedings. See Montana Code 1-1-202
• Property: means real and personal property. See Montana Code 1-1-205
• Qualified veteran: means a veteran:

  (a)who was killed while on active duty or died as a result of a service-connected disability; or

  (b)if living:

  (i)was honorably discharged from active service in any branch of the armed services; and

  (ii)is currently rated 100% disabled or is paid at the 100% disabled rate by the U. See Montana Code 15-6-301

• Qualifying income: means :

  (a)the federal adjusted gross income excluding capital and income losses of an applicant and the applicant's spouse as calculated on the Montana income tax return for the prior year;

  (b)for assistance under 15-6-311, the federal adjusted gross income excluding capital and income losses of an applicant as calculated on the Montana income tax return for the prior tax year; or

  (c)for an applicant who is not required to file a Montana income tax return, the income determined using available income information. See Montana Code 15-6-301

• Qualifying property: means a primary residence that a qualified applicant owned and occupied for at least 7 months during the tax year. See Montana Code 15-6-301
• Remainder: An interest in property that takes effect in the future at a specified time or after the occurrence of some event, such as the death of a life tenant.